All Finance articles – Page 30
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NewsGreene King increases rent concessions for tied tenants
Greene King Pub Partners has increased the rent concessions for its tied pub tenants to at least 40% until Christmas. Until the end of December, its 975 tied tenants will be granted at least a 40% rent reduction, with pubs that are forced to close in local lockdowns receiving a 90% rent discount for at least four weeks. The move brings its total estimated financial support for its tied tenants to more than £25m since March.
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NewsSEV has cash for 12 months
Social Entertainment Ventures, the operator of Bounce, Hijingo and Flight Club USA, has reported it has adequate financial resources to continue operating for at least 12 months based on its forecasts.
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NewsDeliveroo preps £2bn IPO
Deliveroo has begun working on plans for an initial public offering (IPO) after appointing investment bank Goldman Sachs to advise on the process, Sky News reports.
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Analysis & InsightNeighbourhood losses mounted after Manchester closure
East Coast concepts, the Neighbourhood and Victor’s operator recently acquired in a pre-pack administration, was already going through a challenging year even before the coronavirus pandemic struck, posting a loss of £1.7m in the 12 months to 29 February 2020.
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NewsTasty explores potential CVA
Tasty, the operator of Wildwood, is exploring a potential company voluntary agreement (CVA).
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NewsBurger King assessing options for subsidiary
Burger King UK is working with advisers to review options for one of its subsidiary companies.
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NewsCity Pub Group to ‘emerge and rebuild quickly’
City Pub Group has reported it is in a strong financial position to emerge and rebuild quickly from the coronavirus crisis.
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NewsMosaic Pub Group raises £2.5m with City Pub investment
Three companies within the Mosaic Pub and Dining Group have concluded a share offering, raising subscriptions over costs of over £2.5m. The Galaxy, Pioneer and Sovereign City Pub Co. – which make up an estate of 9 pubs, 7 freehold and 2 leasehold – have reduced debt to under £2m ...
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NewsGreggs launches consultation to reduce staff hours
Greggs is launching a consultation on staff costs, which could see job losses minimised by negotiating reduced hours in shops.
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NewsCôte acquired out of administration by Partners Group
Côte Restaurants has been acquired out of administration by Partners Group, the global private markets investment manager.
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NewsChancellor’s Winter Economy Plan: ‘Job Support Scheme,’ ‘pay as you grow’ and VAT cuts
Businesses forced to reduce employee working hours because of the coronavirus crisis will be legible for government wage subsidies of one third of lost pay, The Chancellor has announced. To continue supporting businesses with cashflow, bounceback loans will be merged with a new ‘pay as you grow’ scheme and government guarantees for CIBLS will be extended for up to ten years, and the deadline for all loan schemes will be extended until the end of 2020 whilst government works on a “new successor loan guarantee programme” to start in January 2021. The VAT bill, due to be paid in March 2021, will instead be spread over 11 smaller payments without interest for those businesses who need it, and the Chancellor has cancelled the planned increase in VAT (back to the standard rate of 20%) set for January, with VAT remaining at the reduced 5% rate until 31 March instead.
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NewsM&B 'continues to outperform the market'
Mitchells & Butlers achieved like-for-like sales growth of 1.4% in August, as a result of the Eat Out to Help Out scheme and the reduction in VAT.
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NewsSunak considers furlough replacement programme
Chancellor Rishi Sunak is drawing up plans for a new wage subsidy programme to replace the Jobs Retention Scheme next month, the Financial Times reports.
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NewsWahaca to write off £25m in restructure
Wahaca is to write off £25m of debt as part of financial restructuring, Sky News reports.
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NewsCEBR: ‘Curfew will reverse economic recovery’
The implementation of a 10pm curfew in London could reverse the country’s economic recovery, the Centre of Economics and Business Research has warned.
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NewsThai Leisure Group enters second CVA in a year
Thai Leisure Group’s CVA (company voluntary arrangement) was approved last night, securing 90% support from creditors.
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NewsVarious Eateries to enter AIM with market cap of £65m
Various Eateries, the Hugh Osmond-backed operator of the Coppa Club, has confirmed its proposed admission to trading on AIM, with a share placing to raise around £25m.
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NewsNew business loans to support firms through second wave
Chancellor Rishi Sunak is to extend the Treasury’s programme of business support loans as ministers look to support the economy through an anticipated winter of new restrictions.
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NewsMod Pizza enters insolvency proceedings
Mod Pizza, the Sir Charles Dunstone-backed concept, is believed to have entered insolvency proceedings.
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NewsTim Martin calls for tax equality between pubs and supermarkets
Wetherspoon is to cut the price of all food and drink on Thursday 24 September as it hosts a ‘Tax Equality Day.’